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Prudential To Sell Closed Book Life Insurance Business In Japan To SBI Holdings

UK insurer Prudential Plc. (PRU.L) announced that, through its subsidiary Prudential Holdings Limited, has reached an agreement with SBI Holdings Inc. to sell its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd. for US$85 million. The proposed transaction is subject to regulatory approval.

Prudential said that the proposed sale is consistent with its strategy of allocating its capital to markets where it is well positioned to generate attractive long-term returns for shareholders. PCA Life Japan ceased underwriting new business in February 2010.

Prudential said it remains committed to the Japanese market through Eastspring Investments, its Asian asset management business.

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